Biggest contraction in the services sector of the US since 2009
Coronavirus has halted economic activity in America. The U.S. services sector contracted for the first time in about a decade last month as the coronavirus pandemic brought economic activity in the country to a near-screeching halt, according to the Institute for Supply Management. The ISM non-manufacturing index dropped to 41.8 in April from 52.5 in March, showing the first contraction in services since December 2009
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China’s exports jumped 7.2% against an estimated 0.2% fall
Dollar-denominated exports in China jumped 7.2% year-on-year, economists at Reuters predicted a fall of 0.2%. In July, China posted a trade surplus of $62.33 billion, beating the $42 billion economists had expected. China’s trade surplus was $46.42 billion in June. Despite the coronavirus pandemic hitting global demand, exports from China have held up as exports in medical supplies jumped in the first half of the year
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US posted the worst-ever GDP plunge
US posted the worst-ever GDP plunge
US GDP dropped 32.9% in the second quarter, the worst ever posted in the Q2. Economists surveyed by Dow Jones had been looking for a drop of 34.7% but still, it was the worst drop ever, with the closest previously coming in mid-1921. The report comes amid a recession that began in February and pulled first-quarter growth down 5%. On a quarterly basis, the Q2 decline was 1.8%
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China tries to find a new economic partner in South Korea
According to the latest media reports, South Korea and China are set to hold bilateral talks on the economy later this week. The talks will be held on Saturday in Qingdao, eastern China, where deputy ministers of the two sides will hold annual economic cooperation talks, South Korea’s Yonhap news agency said. The meeting comes amid escalating China-US trade and security tensions
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Chinese markets in red after the rise in US-China tensions
Chinese stocks mostly deepened losses by the close as U.S.-China tensions worsened on Friday. In mainland China, the Shanghai composite pared some losses but still ended the day 3.86% lower at 3,196.77, while the Shenzhen composite tumbled 5% to close at 2,138.36. The Shenzhen component dived 5.31% to close at 12,935.70. The Chinese yuan, a barometer of Sino-U.S. tensions, looks set for its worst week in two months
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